June 9, 2022

China to purchase 40,000 tonnes of frozen pork for state reserves

The China Merchandise Reserve Management Centre said in a notice issued June 8 that the country will purchase 40,000 tonnes of frozen pork for its state reserves on June 10, Today Online reported.

The country has purchased over 200,000 tonnes of pork for its state reserves in 2022 alone as it aims to support swine farmers in the country coping with weak prices and rising input costs.

Official data from China's the Ministry of Agriculture and Rural Affairs showed average pork prices in the country for the week of May 23 to 27 dropped 0.3% week-on-week to CNY 21 (~US$3.15, CNY 1 = US$0.15), about 9% lower compared to the same time one year ago.

The country has introduced a new three-level early-warning system that alerts excessive price swings (up or down) in swine prices.

-      Today Online